South African petroleum company Astron Energy has been awarded Level 1 B-BBEE status.
Astron Energy, licensee of the Caltex brand, was founded in September 2018, and CEO Jonathan Molapo says that achieving Level 1 status was an important and immediate goal for the new organization: “It is obviously good news for the business and it demonstrates that we’re playing our part in the sustainable transformation of the economy. What makes the milestone even more significant is that we are the only fully integrated oil company to achieve Level 1 with our full value chain, including retail, commercial, refining and lubricants being included in the assessment.”
In achieving level 1 B-BBEE status, Astron Energy values its shareholders Glencore and OTS56 in enabling the company to attain a percentage of black ownership in excess of the target in the Generic Codes. Our motivation goes beyond compliance and is fueled by our unwavering commitment to a sustainable positive impact in the communities where we work, some of which include:
- 88% of the Board’s Directors are black South Africans and 38% are black women.
- 85% of our workforce is black and 29% are black women.
- 58% of our Retail network is managed through our Caltex Branded Marketer Programme. The average black ownership of the Branded Marketers is 80%.
- Almost half our crude oil is procured from black-owned trading companies, 35 % of whom are black woman-owned.
- 75% of our procurement is from black suppliers.
- Each year we impact 50 000 direct beneficiaries through our social investment partnerships.
Astron Energy also runs an Enterprise and Supplier Development Programme which has, since its inception in 2015, provided more than R100m in interest-free loans and credit lines to assist black owners in building their businesses.
Chairman of the Board at Astron Energy, Mpho Scott, says that new level 1 status represents a significant milestone but it is not an end in itself: “As a South African company on a growth path we are completely committed to the core principles of transformation – beyond mere compliance across all sectors of the community in a sustainable way – and we will continue to build on what we have done and to create new programmes that fuel transformation.”